KKR expects the sale of USI Insurance Services to generate approximately $2.0bn of adjusted net income, or more than $2.00 per share, in its fourth-quarter 2026 results, subject to closing. The firm gave the guidance in its third-quarter 2026 results, published on 9 November 2026.
Aon plc agreed to acquire USI Insurance Services from KKR and its co-investors for $17bn in an all-cash transaction, announced on 31 August 2026. The deal is expected to close in the fourth quarter of 2026, and KKR said there can be no assurance as to whether or when it completes.
USI was KKR's inaugural Core Private Equity investment, made in 2017. In an investor presentation in August, KKR said the sale represented about 6x its original 2017 investment and 3.4x all KKR balance sheet capital invested. It also put the price at about a 33% premium to USI's unaffected 30 June 2026 valuation and said it expects after-tax proceeds of approximately $3.3bn.
In the third quarter, KKR reported record fee related earnings of $1.3bn, or $1.42 per adjusted share, up 27% year on year. Total operating earnings were $1.7bn, up 25%, and adjusted net income was $1.6bn, up 29%. KKR said its per-share fee related earnings, total operating earnings and adjusted net income were records for the firm as a public company, both for the quarter and the last twelve months.
Assets under management rose 11% year on year to $804bn, and KKR raised $25bn of new capital in the quarter. GAAP net income attributable to common stockholders was $1.1bn.
Insurance operating earnings were $230m in the third quarter, including a $26m charge from Global Atlantic's annual actuarial assumption review, compared with $305m in the third quarter of 2025. Global Atlantic, KKR's insurance subsidiary, offers retirement, life and reinsurance products and has $223bn in assets under management.
KKR is a global investment firm offering alternative asset management, capital markets and insurance solutions. It expects to return more than $40bn to clients in 2026.
